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Paycom’s Chad Richison Talks Growth and the Employee Experience on CNBC’s Power Lunch

Businesses today are facing one of the toughest and tightest labor markets in history, making attracting and retaining talent a key for success in 2022.

On Feb. 9, Paycom’s CEO Chad Richison appeared on CNBC’s Power Lunch and outlined how important automation and the employee experience is for businesses when they look at their talent.

Overcoming the “great resignation”

Richison broke down the need for employers to manage their workforce’s evolving expectations to combat the Great Resignation. He found that a portion of this relies on delivering greater, unconventional benefits that speak to employees and push beyond the offerings today’s top talent have come to expect.

Similarly, he stressed that businesses need to deploy technology that helps them intuitively and efficiently recruit, train and retain their staff without slowing down operations. And a robust applicant tracking tool enables this effort even before a new hire enters the workplace by automatically posting openings to popular job boards and uniting correspondence with candidates in a single location.

In fact, Richison found greater employee involvement in common HR processes — such as through a self-service payroll tool — helps foster the sense of trust that strengthens retention.

“In a tight labor market,” he said, “it becomes very important to automate those aspects of your business.”

Driving retention with development

Today’s best candidates aren’t looking for jobs, but careers. In tandem with this, Richison spoke on how the right tech helps bridge the gap between managers and their personnel by providing an avenue for meaningful, continuous feedback and clear professional goals.

“Through our Talent Management tool, both the employer and the employee stay on the same page throughout that employee’s career, which helps manage them to the next level on their career path,” Richison said.

And when this is backed by a full-spectrum learning management system accessible anytime, anywhere with the training employees truly want, they don’t have to look outside their organizations to better themselves.

Looking ahead

Richison concluded that as the challenges of today’s labor market compel businesses everywhere to innovate, HR tech that delivers a consumer-grade employee experience allows employers to adapt and succeed as the needs of top talent evolve.

Watch Richison’s full interview on Power Lunch to learn more.


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